- Raymond James has downgraded ICU Medical ( NASDAQ: ICUI ) to market perform from outperform citing a challenging macro environment such as foreign exchange rates and supply chain-related cost pressures weighing on 2023 estimates.
- The firm removed its price target.
- Analyst Jayson Bedford wrote, "Our prior thesis, which hinged on bringing two like companies together to generate higher returns, is taking longer than we expected to play out and the risk/reward, off our lowered estimates, is more balanced."
- Bedford has lowered his 2023 revenue estimate by ~1% and EPS/EBITDA estimates by, respectively, ~18%/10%.
- Seeking Alpha's Quant Rating views ICU Medical ( ICUI ) as a strong sell.
For further details see:
ICU Medical downgraded to market perform at Raymond James on negative macro environment